Ogier BVI advise on acquisition for Baker Steel Capital Managers LLP

Ogier BVI has acted for Ogier Guernsey client Baker Steel Capital Managers LLP on the acquisition of a 40% stake in Polar Silver Resources Ltd for US$20 million.  Polar Silver Resources Ltd (a BVI company) holds, through a subsidiary, a 50% interest in a Russian exploration and mining licence for silver deposits in the Republic of Sakha (Yakutia), Russia.  Ten days after the original acquisition, Baker Steel sold on 15% of its stake in Polar Silver to a third party investor, with part of the consideration for this onsale being satisfied by a security package containing Swiss and Canadian law governed security.

It is intended that Polar Silver Resources Ltd will in the next 4 months proceed to seek a listing on the Toronto Stock Exchange by way of a reverse merger.

Ogier acted as lead counsel to Baker Steel, led by Corporate Partner Simon Schilder. Russian legal advice was provided by Squire, Sanders & Dempsey in Moscow, Canadian legal advice by Bennett Jones LLP in Toronto and Swiss legal advice by Borel & Barbey in Geneva.  Chadbourne & Parke acted as lead counsel for the investor on the onsale, with Gibson Dunn & Crutcher LLP acting as lead counsel for an interested third party.